Safe Harbor Strengthens Cannabis Banking Strategy With Consulting Expansion

Safe Harbor Financial (NASDAQ: SHFS) is expanding its footprint in cannabis banking by adding experienced leadership and a proven consulting operation to its platform.

The Denver-based financial services company announced this week that it has hired the founders of 420 IT Solutions, a consulting and managed services firm that works with financial institutions and cannabis operators. The move expands Safe Harbor’s consulting capabilities while adding established client relationships and industry expertise.

The transaction brings 420 IT Solutions co-founders Frank A. Salluce and David Smokler into Safe Harbor, where they will lead the company’s expanded Consulting and Managed Services division. Their firm’s operating assets and active client contracts are also being integrated into Safe Harbor’s platform.

Rather than a traditional acquisition, the deal is structured as a performance-based expansion. Safe Harbor will issue up to 125,000 shares only if revenue milestones of 5 million dollars in 2026 or 6 million dollars in 2027 are achieved. The structure aligns incentives while allowing the company to grow its service offerings in a disciplined way.

“This is a strategic expansion designed to accelerate execution of our consulting and managed services strategy,” said Safe Harbor CEO Terry Mendez. “Frank and David bring a proven operating business, existing revenue, and trusted industry relationships. Their performance-aligned incentives directly support our growth objectives.”

The transaction includes 420 IT Solutions’ client contracts, brand, proprietary advisory frameworks, and digital and operational assets focused on regulated banking environments. These capabilities strengthen Safe Harbor’s ability to serve both financial institutions and cannabis operators navigating complex compliance requirements.

Salluce and Smokler bring more than 60 years of combined experience in audit, advisory, risk, and compliance consulting. Their backgrounds include senior leadership roles at PwC, EY, BDO, and CohnReznick, where they worked extensively with regulated financial institutions.

“420 IT Solutions was built to help financial institutions and cannabis businesses operate effectively in highly regulated environments,” said Smokler. “By joining Safe Harbor, we gain the scale and platform needed to expand those capabilities while staying focused on results.”

Salluce said the move creates new opportunities to grow both consulting and managed services offerings. “Safe Harbor’s leadership, infrastructure, and long-term vision provide a strong foundation for growth. We look forward to building on existing client relationships and introducing new institutions and operators to the platform.”

The expansion strengthens Safe Harbor’s broader strategy of offering integrated financial services to the cannabis industry. By combining banking, compliance, and consulting under one roof, the company aims to deepen client relationships and create a more scalable business model as the industry continues to mature.

Photo by Vitaly Gariev on Unsplash